What is the benefit of 'Risk Based Inspection (RBI)'?

The benefit of Risk Based Inspection (RBI) is that it optimizes inspection resources by focusing inspection efforts on equipment items that pose the highest risk of failure, thereby improving safety, reducing maintenance costs, and extending equipment life. RBI is a systematic methodology for planning and prioritizing inspection activities based on the risk associated with equipment failure. It combines the probability of failure (likelihood) with the consequence of failure (severity) to determine the overall risk. Equipment items that pose a higher risk, due to a high probability of failure and/or a severe consequence of failure, are given a higher priority for inspection. This allows inspection resources to be focused on the most critical equipment, ensuring that potential problems are detected and addressed before they can lead to failures. RBI also allows for more flexible inspection intervals, with equipment at lower risk being inspected less frequently. This reduces unnecessary inspections and lowers maintenance costs. By focusing on the most critical equipment and optimizing inspection intervals, RBI improves safety, reduces maintenance costs, and extends equipment life. For example, in a refinery, RBI would be used to prioritize the inspection of high-pressure vessels and pipelines that are susceptible to corrosion, while less critical equipment might be inspected less frequently.